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Define and use correctly mercantilism, feudalism, economic growth, and entrepreneur.
Explain how people or communities examine and weigh the benefits of each alternative when making a choice and that opportunity costs are those benefits that are given up once one alternative is chosen.
Explain how financial markets, such as the stock market, channel funds from savers to investors.
Define and use correctly gross domestic product, economic growth, recession, depression, unemployment, inflation, and deflation.
Explain how opportunity costs and tradeoffs can be evaluated through an analysis of marginal costs and benefits.